U.S. consumers and businesses are paying more than $900,000 a year for every job saved or created by Trump steel tariffs, according to calculations by experts at the Peterson Institute for International Economics. General Motors and Ford said Trump’s tariffs have cost them $1 billion each. Tom Gibson, president of the American Iron and Steel Institute, said Trump’s tariffs are about righting years of nations such as China undercutting U.S. steel production. Hufbauer and Euijin Jung of the Peterson Institute calculated that every steel job saved is costing U.S. consumers over $900,000 because U.S. companies have been paying about 10 percent more for steel since Trump’s tariffs went into effect. AAM said about 9,300 of those jobs are steel alone, which means the cost could be more than $1.2 million per steel job.

Source: Washington Post May 07, 2019 19:41 UTC